Mortgages
Rates on 30-year mortgages jumped to the highest level in nearly eight months, reflecting increased concerns about what the Federal Reserve might do to battle inflation.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.32 percent. That was up sharply from 6.09 percent the previous week.
It was the highest level for 30-year mortgages since they averaged 6.33 percent for the week of Oct. 25.
Other types of mortgages showed increases, according to the Freddie Mac survey.
Rates on 15-year fixed-rate mortgages rose to 5.93 percent, up from 5.65 percent.
The five-year adjustable-rate mortgage rose to 5.70 percent, up from 5.51 percent the previous week. The rate on a one-year ARMs edged up to 5.09 percent from 5.06 percent.
The housing market is facing numerous headwinds at present from slumping prices, which are keeping potential buyers on the fence, to rising mortgage defaults which are dumping more homes on an already glutted market.
A year ago, rates on 30-year mortgages stood at 6.33 percent, 15-year mortgage rates averaged 5.99 percent, five-year ARMs were at 6.37 percent and one-year ARMs were at 5.75 percent.
Seminars
A free workshop on buying a home with no down payment is scheduled for 6 to 7:30 p.m. Wednesday and 10 to 11:30 a.m. Saturday at the Alderwood Business Center, 3400 188th St. SW in Lynnwood. For information or reservations, call Andrea at 425-412-5236.
Send your real estate news to Mike Benbow, Business editor, The Herald, P.O. Box 930, Everett, WA 98206, by fax at 425-339-3435 or by e-mail at economy@heraldnet.com.
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